Jan 15 - FSC Business Plan Covers EU Directive Implementation and Staff Development
With plans to ‘adopt a more risk based approach to authorization and supervision’ the Financial Services Commission has today outlined and published their Business Plan for the period of January 2015 – March 2016.
The Commission is looking to improve the FSC’s ability to provide ‘a credible deterrent via a revised enforcement methodology’ as well as ‘a more structured approach to the implementation of EU Directives and international initiatives will see the organisation prepared to deal with EU requirements’.
The Commission pledges to focus on ensuring that our own, and the regulated sector’s, preparedness for dealing with requirements emanating from the EU is a priority.
The FSC will also refresh their technology, including new systems, in order to ‘enable [them] to deliver a state of preparedness that will allow [them] to continue to operate effectively and efficiently’. A specific IT strategy is to be developed to aid this process.
Another area to be heavily focused on is the increase of training and development available to staff. They ‘will establish a competency framework and performance management strategy for our staff
that focuses on the development of sector specialist skills and expertise in areas such as conduct of business and analysis of data’.
Commenting on the plan, CEO of the FSC Samatha Barrass said that this was a ‘positive step to increase the level of transparency between the FSC and the industry, so that they understand the areas we will be focusing on over the next year.’
Director of Strategy and Planning, Heidi Bocarisa touched upon the Commission increased engagement with stakeholders, noting that they held a number of ’roadshows’ in December during which they engaged with firms and outlined their Strategic Plan released late last year. They further provided and introduction to the new approach to authorization and supervision, giving them the opportunity to meet sector specialists.
